Walter Magaya’s New Mining Venture Exposed as Another Scam Amid $3 Million Refund Scandal
By Business Reporter| ZimEye | Self-styled prophet Walter Magaya, infamous for a string of fraudulent schemes, is at it again—this time launching another purported mining investment project despite at a time is supposed to refund $3 million to Zimbabwe’s Consul General to Israel, Ronny Levi Musan. Investigators and multiple audits since 2016 have confirmed that Magaya’s so-called ventures are nothing more than elaborate scams designed to fleece unsuspecting investors.
A Scammer’s Playbook: Magaya’s Fraudulent Ventures
Magaya, who has repeatedly faced accusations of fraud, appeared in a recent video promoting his new “high-grade antimony” mining project. In the video dated November 21, 2024, he makes grand claims about producing 100 tons of 44% purity antimony daily, showing off samples he calls “proof” of operations. He even goes as far as revealing his personal contact number for potential investors, enticing them with promises of massive returns.
But history tells a different story. Since 2016, Magaya has orchestrated a series of investment scams, including fake housing projects, mining shares, and other ventures, none of which have delivered on their promises. Audits and investigations into these schemes have repeatedly found them to be fraudulent, operating as Ponzi scams where new investors’ money is used to placate earlier victims—if at all.
Magaya’s Victims Speak Out
Hundreds of investors who placed their trust and money in Magaya’s promises have been left financially ruined. Many sold property, drained savings, or took loans to invest in what they believed were legitimate opportunities. Instead, they were met with silence, excuses, or outright refusal when they sought returns or refunds.
“I lost everything,” said one investor who participated in a housing project Magaya claimed would deliver luxury homes by 2017. “We believed in him because he used the church as a cover, but it was all a lie.”
Only a handful of investors have managed to recover their funds, largely thanks to intervention from the ZimEye News Network, which has persistently exposed Magaya’s fraudulent activities. Even high-profile victims like Ambassador Ronny Levy Musan have struggled to recover their money, with the $3 million refund still pending.
A Ponzi Scam in Disguise
Independent auditors and financial experts have consistently labeled Magaya’s business model as a textbook Ponzi scheme. Despite his grand claims, no tangible evidence of production, profits, or legitimate operations has ever surfaced. Instead, audits reveal that these schemes are designed to attract investments through flashy presentations and unverifiable claims, with no intention of delivering returns.
Magaya’s reliance on religious platforms to target vulnerable followers has only exacerbated the damage. Investigators have pointed out that his ventures prey on trust, often recruiting churchgoers who believe his spiritual authority lends credibility to his business dealings. “It’s calculated and predatory,” said one investigator. “He knows how to manipulate people into believing in the impossible.”
New Scam, Same Script
Magaya’s latest antimony project fits the same pattern. In the video, he uses buzzwords like “high-grade,” “44% quality,” and “100 tons daily” without providing any verifiable proof of operations or legitimacy. Experts in mining have questioned the feasibility of such claims, citing the logistical and technical challenges of producing such quantities of high-purity antimony.
“This is a man who has never delivered on any of his promises,” said a financial analyst familiar with Magaya’s past scams. “It’s all smoke and mirrors to lure in unsuspecting investors while he pockets their money.”
Where Is the Accountability?
Despite the overwhelming evidence against him, Magaya has managed to avoid significant legal consequences. Victims of his schemes have expressed frustration at the apparent lack of enforcement action against him, raising questions about how he continues to operate with impunity.
“This man has ruined lives,” said one investor who lost his retirement savings in a mining scheme promoted by Magaya in 2019. “Why is he still allowed to launch new scams while so many of us are still waiting for justice?”
A Warning to Potential Investors
Magaya’s new project is yet another ploy to exploit unsuspecting investors. Financial experts are urging the public to stay vigilant and avoid any involvement in his schemes. “If it sounds too good to be true, it probably is,” warned a fraud investigator. “Walter Magaya has been exposed time and time again as a fraudster. Don’t fall for it.”
As Magaya’s latest scam unfolds, the public is left to wonder: will authorities finally act to stop him, or will more victims fall prey to his deceitful tactics? For now, his track record is clear—everything he touches is a scam.– ZimEye
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